Volatility Near Lows for Stocks
After plummeting in the second worst day ever (by some sources), the S&P 500 is attempting to stabilize. We appear to have bottomed out at 4306, and attempted a 100 point swing to 4408. We are seeing a great deal of volatility in between as stocks jostle to establish value. Currently, we are meeting some resistance at the 0.382 Fibonacci retracement level which does seem to align with some technical levels on the chart. Thus, we can expect steep resistance here. Watch the open, because it will take significant momentum to break through these. The Kovach OBV is still bearish despite the rally from yesterday, likely filtering out the 'noise' in the volatility. We should expect support from 4348, but if that does not hold, 4306 seems to be the min lower bound for now.
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